Earnings season is in full swing and we have at least 11 of the 30 DJIA components on deck to report earnings.  We have given basic previews broken out by day for American Express Co. (NYSE: AXP), McDonald’s Corporation (NYSE: MCD), 3M Co. (NYSE: MMM), Johnson & Johnson (NYSE: JNJ), Verizon Communications Inc. (NYSE: VZ), Boeing Co. (NYSE: BA), ConocoPhillips (NYSE: COP), United Technologies Corporation (NYSE: UTX), AT&T Inc. (NYSE: T), Microsoft Corp. (NASDAQ: MSFT), Potash Corp. of Saskatchewan (NYSE: POT) and Procter & Gamble Co. (NYSE: PG).

We have given the Thomson Reuters estimate on each, shown next quarter estimates, shown relative pricing data, and we added in color if applicable on each.

MONDAY JAN 24, 2011

American Express Co. (NYSE: AXP): Thomson Reuters has estimates of $0.95 EPS and $7.33 billion in revenues. American Express just recently gave guidance that was deemed as a warning, so the rest of any commentary may be moot.  At $45.63, shares were just under $40.00 less than 90-days ago.

McDonald’s Corp. (NYSE: MCD): Thomson Reuters has estimates of $1.15 EPS and $6.21 billion in revenues; for the next quarter estimates are $1.09 EPS and $5.87 billion in revenues.  McDonald’s peaked at $80.94 back on December 7, 2010 and shares are actually lower than they were just 90 days ago.  The ongoing concern here is always “How long can they keep growing those same-store sales like that?”  That being said, stay tuned.

TUESDAY JAN 25, 2011

3M Co. (NYSE: MMM): Thomson Reuters has estimates of $1.27 EPS and $6.62 billion in revenues; for the next quarter estimates are $1.43 EPS and $6.94 billion in revenues. With shares up Friday and around $88.85, shares are flat from 90-days ago and $891.49 in the 52-week high.  As a reminder, there may be word on the dividend hike and on George Buckley’s future when earnings come out.

Johnson & Johnson (NYSE: JNJ): Thomson Reuters has estimates of $1.03 EPS and $16.08 billion in revenues; for the next quarter estimates are $1.29 EPS and $15.86 billion in revenues.  The king of recalls is trading just under $63.00 and is stuck in a tight 52-week range of $56.86 to $66.20; shares are basically flat over the last 90-day period.

Verizon Communications Inc. (NYSE: VZ): Thomson Reuters has estimates of $0.55 EPS and $26.47 billion in revenues; for the next quarter estimates are $0.52 EPS and $26.59 billion in revenues.  The hype around the iPhone coming has Verizon shares up about 7% over the last 90-day period and shares today are at $34.96 against a 52-week high of $37.70.  It was just on Friday that Verizon changed to a new policy method of accounting for pensions and other post-employment benefits that recognizes gains and losses in the year they are incurred rather than amortizing them over time.  The company already telegraphed that this would create some changes, so there could be some slight discrepancies on estimates as analysts are slow to adapt.

WEDNESDAY JAN 26, 2011

Boeing Co. (NYSE: BA): Thomson Reuters has estimates of $1.11 EPS and $16.97 billion in revenues; for the next quarter estimates are $1.00 EPS and $15.98 billion in revenues.  After delay and delay on the 787 Dreamliner, we wonder how long management can stay on here.  We also wonder how big the real demand is going to be for the giant planes.  At $71.50, shares are still up about 2% in the last quarter and the 52-week high is $76.00.

ConocoPhillips (NYSE: COP): Thomson Reuters has estimates of $1.31 EPS and $46.09 billion in revenues; for the next quarter estimates are $1.55 EPS and $49.82 billion in revenues.  Buffett’s big oil pick is around $67.60 and that is up about 10% in the last 90-day period.

United Technologies Corp. (NYSE: UTX): Thomson Reuters has estimates of $1.29 EPS and $14.75 billion in revenues; for the next quarter estimates are $1.10 EPS and $12.86 billion in revenues. United Tech just hit a new all-time high yet again of $80.50 on Friday and shares were just under $75.00 about 90 days ago.

THURSDAY JAN 27, 2011

AT&T Inc. (NYSE: T): Thomson Reuters has estimates of $0.55 EPS and $31.46 billion in revenues; for the next quarter estimates are $0.62 EPS and $31.27 billion in revenues. AT $28.40, the 52-week range is $23.78 to $30.10.  As Verizon is on deck first, we’ll have much data about possible iPhone defections and more.

Microsoft Corp. (NASDAQ: MSFT): Thomson Reuters has estimates of $0.68 EPS and $19.14 billion in revenues; for the next quarter estimates are $0.56 EPS and $16.04 billion in revenues. As the tablet world and smartphone world is getting by without Microsoft, the big focus will be on software bundles for PCs but also the real pop that may boost the top-line could from Kinect in the Xbox. AT $28.16, shares are up about 10% in the last quarter and the 52-week range is $22.73 to $31.58.

Procter & Gamble Co. (NYSE: PG): Thomson Reuters has estimates of $1.10 EPS and $21.58 billion in revenues; for the next quarter estimates are $0.99 EPS and $20.13 billion in revenues.  The largest of the large consumer products giants is trading around $65.80 on Friday and that is nearly a 52-week high; the 52-week range is $39.37 (not a real low due to flash crash) to $65.94.  Shares are up close to 5% in the last quarter.

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JON C. OGG

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